What to expect after an interest rate hike | Facebook Live

Bank of Canada governor Stephen Poloz intention reveal on Wednesday what the bank will do about interest fees. Most economists expect a rate increase, something the central bank has not done for seven years. (Adrian Wyld/Canadian Crowd)

On Wednesday afternoon Bank of Canada governor Stephen Poloz desire reveal what the bank will do about interest rates.

Most economists demand Poloz to announce a rate increase, something the central bank has not done for seven years.

CBC’s Peter Armstrong and intimate finance expert Preet Banerjee answer questions from viewers with the effect of rising rates in a Facebook Live video.

But Banerjee asseverates Armstrong he will «not be surprised» if interest rates hold on Wednesday, in spite of expectations. A key factor may be the recent softness in oil prices, Banerjee says.

Although economists foresee a small rise in rates, Armstrong says it may result in a «big change in our mindset» after seven years.

During the Facebook Flaming there are questions about the possible effects on GIC rates, credit reveal all rates, mortgages, HELOCs (home equity line of credit) and the loonie’s swap rate, with all of them expected to rise, too.

Armstrong and Banerjee converse about what you should do to get your financial house in order in the face of be creating rates.

And Banerjee offers his take on the best investment options when that chances.

He also cautions there could be repercussions for the housing market in the be overthrown, when rising rates could meet stress testing for uninsured mortgages. He says there’s a chance that could experience to the correction everybody’s been talking about for the past decade.